Daily Management Review

Turkey raises minimum investment threshold for citizenship by 60%


Turkey has raised by 60% the minimum amount of investment in real estate required to obtain citizenship.

Turkey has increased the amount that foreigners must invest in real estate in order to qualify for citizenship, Bloomberg writes. Now the minimum investment threshold is $400,000 instead of $250,000 previously. The change will take effect from June 13.

The country's authorities have been criticized by the opposition because of the sharp rise in housing prices, notes Bloomberg. In April, a group of opposition MPs even proposed that parliament ban the sale of real estate to foreigners, at least temporarily.

House prices in Turkey rose to their highest in more than 11 years, Bloomberg points out. In March, house prices rose about 100 percent year-on-year.

According to construction companies, construction costs are rising by 10% each month, which in turn is reflected in house prices.

source: bloomberg.com